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Income tax

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(Querist)
13 February 2013 A PERSON IS GIVING HIS LAND FOR DEVELOPMENT TO BUILDER HE RECIVING SOME MONEY AND SOME FLATS FROM BUILDER HOW IS THE CAPITAL GAIN IS GOING CALCULATED WHAT DCOUMENT WE HAVE TO TAKE AND WHAT IF THE LAND VALUE IS NOT AVAILABLE WHAT WILL BE EFFECT INCOME TAX PLEASE ADVICE

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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
13 February 2013 THE VALUE OF LAND IS REQUIRED FOR COMPUTING THE CAPITAL GAINS. IF THE LAND HAS BEEN RECEIVED IN GIFT THE PREVIOUS OWNERS VALUE WILL BE TAKEN. IF THE LAND HAS BEEN HELD SINCE 1.4.1981- ITS VALUATION IS REQUIRED TO BE OBTAINED FROM AN APPROVED VALUER.
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IF THE LAND IS LONG TERM CAPITAL ASSET, INDEXATION IS ALLOWED.
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SALES CONSIDERATION= SOME MONEY +MARKET VALUE OF SOME FLATS .
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